Parties agree in this form that if the Residence is ever sold, the party who paid the down payment and closing costs when the Residence was originally purchased should be reimbursed from the net sales proceeds first.
Consideration should be given to recording this Agreement with the appropriate county clerk and recorder of deeds since the Illinois Conveyance Act, 765 ILCS 5/30) Sec. 30, states the following:
"All deeds, mortgages and other instruments of writing which are authorized to be recorded, shall take effect and be in force from and after the time of filing the same for record, and not before, as to all creditors and subsequent purchasers, without notice; and all such deeds and title papers shall be adjudged void as to all such creditors and subsequent purchasers, without notice, until the same shall be filed for record."
An agreement between two parties is a legally binding contract that establishes the terms and conditions of the relationship or transaction. It outlines the rights, obligations, and responsibilities of each party involved. Depending on the nature and purpose of the agreement, there are various types of agreements between two parties: 1. Memorandum of Understanding (You): This agreement is used to establish a general understanding between parties involved in a cooperative effort or partnership. It outlines the broad objectives and key principles of cooperation without creating legal obligations. 2. Service Agreement: This type of agreement defines the terms and conditions under which a service provider will deliver a particular service to a client. It usually includes details such as scope of services, deliverables, timelines, payment terms, and any specific requirements. 3. Non-Disclosure Agreement (NDA): An NDA, also known as a confidentiality agreement, ensures that parties involved in a business relationship or transaction keep certain information confidential. It prohibits the disclosure or use of confidential information without proper authorization. 4. Purchase Agreement: This agreement is used when one party wishes to purchase goods or assets from another party. It specifies the terms of the sale, including the purchase price, payment terms, delivery details, warranties, and any other relevant conditions. 5. Partnership Agreement: When two or more parties decide to join forces and establish a formal partnership, this agreement is used to define their rights, obligations, and responsibilities. It covers aspects such as profit sharing, decision-making processes, liabilities, and disputes resolution mechanisms. 6. Licensing Agreement: This agreement grants a party the right to use a particular intellectual property or technology owned by another party. It outlines the terms and conditions, including fees, duration, limitations, and any restrictions on usage. 7. Lease Agreement: When one party wishes to lease a property or asset from another party, this agreement is used to establish the terms and conditions of the lease. It covers aspects such as rent, duration, maintenance responsibilities, and any restrictions on usage. These are just a few examples of agreements between two parties. It is important to tailor the agreement to the specific needs and requirements of the parties involved, ensuring that it is clear, comprehensive, and legally enforceable.
